A WIDOWER lost his life savings and home after he invested in a “comprehensive and devastating” cryptocurrency scam.
The RAF veteran was tricked into giving away his savings, taking out loans and selling his house by the fraudsters.
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Graham, 77, invested in a firm called N Capital after searching for crypto investment companies online last August.
He was looking for better returns than traditional savings accounts, and was planning to help his son buy a house.
But over a six-month period, the fraudsters managed to steal £800,000 in total, the BBC reported.
Graham lost his money due to a scam, but remember that investing in genuine cryptocurrency is still risky.
Cryptocurrencies can go up and down quickly and you could lose all of your investment.
At first Graham invested just £50, but that grew to £10,000 in days and in just a few weeks he’d handed over £100,000 in savings.
The scammers then convinced Graham to take out loans and equity from his house.
They told him there was a problem with the company they had invested in on his behalf.
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But they said they would be able to get his money back if he made further investments.
Eventually, they managed to persuade him to sell his home of 30 years, promising to buy it back for him immediately.
The retired RAF squadron leader, who fought in two wars, said he was “reluctant” to put his home on the market – but was told it was the only way to get any of his cash back.
“I very reluctantly agreed to sell my house. I love my house, we’ve been here since it was built in 1990,” he said.
“My late wife and I raised our children there, but I was utterly convinced that this guy was telling me the truth.”
But the extent of the fraud was revealed in February when Graham couldn’t get in touch with Jeff, the name the con artist used, on the day he was supposed to get his money back.
Instead, someone claiming to be Jeff’s assistant said he had a serious car accident.
Graham broke down in tears as he shared his story on Radio Four’s Moneybox podcast.
Graham said: “I thought ‘this has got to be a total, total fraud’.”
He said he felt he had been a “total idiot”.
That’s when the widower, who lost his wife 17 years ago, told his children about the fraud.
“I was a complete and utter mess I could not believe what I’d done,” he added.
Graham’s daughter Liz urged potential victims to be aware of the risks.
“Be fully aware of the evil people that are out there and how easily people who don’t believe they’re vulnerable can succumb to this,” she said.
How to protect yourself against cryptocurrency scams
You can protect yourself from scams by being aware of red flags to look out for.
Action Fraud has shared some tips to avoid falling for a fradulent scheme.
Don’t assume the investment scheme is real, even if it has a professional-looking website, adverts or social media posts.
You should take your time before making decisions, and don’t feel pressured into making a decision.
“A genuine bank or financial organisation won’t force you to part with your money on the spot,” Action Fraud said.
“Always be wary if you’re pressured to invest quickly or promised returns that sound too good to be true.”
Try and stay in control of the situation and avoid uninvited investment offers, especially from cold callers.
If you’re thinking about making an investment, get independent advice and thoroughly research the company first.
Other people have been tricked by crypto fraudsters – we spoke to one victim who lost £230,000.
Someone else handed over £278,000 to scammers and another investor lost £176,000 after responding to a random text.
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